Karachi: Mari Energies Limited has announced a significant strategic move with the acquisition of a 5% interest in Kohesultan Mining Company (Private) Limited (KMCL). This acquisition is part of a definitive agreement with Siahkoh Mining Development (SMC-Private) Limited (SMD) and is subject to requisite regulatory approvals. The announcement was made in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 (a) of the PSX Regulations.

The acquisition is being conducted through Mari Minerals (Private) Limited (MariMinerals), a wholly owned subsidiary of Mari Energies Limited. MariMinerals, formerly known as Mari Mining Company (Pvt) Limited, is spearheading this venture as part of Mari Energies' strategy to expand its footprint in the mineral sector, which is a designated market category pivotal for Pakistan's economic growth.

Kohesultan Mining Company is a joint venture between SMD and MCC Tongsin Resources Ltd (MCCT) and is responsible for managing the Siahdiq Copper Project located in Chagai, Balochistan. This region is known for its rich mineral resources, and the acquisition marks a crucial step for Mari Energies in diversifying into sectors closely related to its core operations.

According to information available from the Pakistan Stock Exchange (PSX), this acquisition aligns with Mari Energies' strategic objectives. It reflects the company's commitment to contributing to the growth and sustainability of Pakistan’s mineral sector, which is of national importance. The move is expected to bolster Mari Energies' efforts to enhance its operational capabilities and explore new avenues for growth.

Mari Energies has conveyed this information to the TRE certificate holders of the Exchange, emphasizing the importance of this development for stakeholders and the broader market. The acquisition not only signifies progress for Mari Energies but also highlights the dynamic nature of Pakistan's mining industry, which continues to attract investment and interest from major players.